The first step to incorporate your business is to choose the right entity by which you will structure it. Your business structure will play a great part in your operations as well as your startup’s development.
It will also determine your state taxes, the documents that you need to comply and opportunities for future business growth. Having said all these, you have need to select a business entity wisely.
If you’re currently at a crossroads as to the entity fit for your business, you can read this walkthrough guide to help you understand the advantages and disadvantages of every business structure. You can also check out this side-by-side entity comparison chart.
Once the hard part is done, all you have to do is submit your registration form and incorporate your South Dakota small business. You can file your incorporation before the South Dakota Secretary of State.
As you know, incorporating your business on your own can be quite stressful so if you want to avoid all the hassle, you can take advantage of the services offers by online incorporation providers such as IncFile (for $49) and LegalZoom (for $149).
If you want to do it on your own, I salute you for having the courage to process your South Dakota startup’s incorporation! To help you even further, here are some guides that you can use.
Congratulations on completing the incorporation of your South Dakota small business. Before you celebrate and launch your new startup, you must complete these 5 additional requirements first!
A business plan is a powerful tool that will guide you as you build your business in South Dakota. While it’s not a mandatory requirement in the state, it would be best if you write one so you can determine if your business idea is viable or not in the first place. From there, you can create necessary revisions to your plan inorder to make it work.
If you want to start writing your business plan but you don’t have any idea how, you can use the following resources to assist you.
Financial management is a major key to a successful business, therefore, you need to make sure that you are able to account and keep a record of every transaction and business expense. To be able to do that, you need to open a legitimate business bank account in a trusted bank in South Dakota.
Recommended Resource: For more information on the different types of business bank accounts that you can start, this roundup can help you. Check it out now!
To maintain the financial health and smooth operations of your South Dakota small business, you have to ensure efficient monitoring of your business finances and comply with federal and state tax obligations.
This is vital so you won’t encounter problems with the Internal Revenue Service or the state government of South Dakota. For more information about your state taxes or how to register, you can visit the South Dakota Department of Revenue – Business Tax Division.
Recommended Resource:For your accounting and bookkeeping needs, I highly recommend the accounting software, Xero. It’s one of the most reliable and credible in the industry. Try Xero free for 30 days now!
Every state in the U.S. requires businesses to obtain applicable licenses and permits depending on the nature, size and type of the business. By doing so, a business entity is legally complying or adhering to the standards set by the state. No business can operate unless they are able to to obtain their business licenses and permits.
Recommended Resource: Licenses and permits vary from one business to another and it will also depend on other factors so you need to compile and comply with the right ones. For professional assistance, you can use this business research license package. Otherwise look into the SBA’s roundup resources.
It’s impossible to exist in this business if you don’t have a business website in place. A business website can do wonders for your South Dakota startup. It enables you to reach a wider market and relay your company’s branding and message easier.
Good thing, starting a business website is easy; you can use free platforms like WordPress which allows you to set-up and customize a website in just minutes. Bluehost is also another excellent web building tool that features a one-click WordPress installation and 24/7 customer support service.
This article is meant for informational/instructional purposes only and should not be considered a legal document or an alternative legal advice. For more information on how to incorporate in the state of South Dakota, you can talk to your attorney.